{"id":22807,"date":"2024-06-14T10:00:12","date_gmt":"2024-06-14T07:00:12","guid":{"rendered":"https:\/\/coinengineer.io\/?p=22807"},"modified":"2024-06-14T09:29:05","modified_gmt":"2024-06-14T06:29:05","slug":"holograph-plummets-79-4-following-hack","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/holograph-plummets-79-4-following-hack\/","title":{"rendered":"Holograph Token Plummets 79.4% Following $14.4 Million Hack"},"content":{"rendered":"<p>After a malicious actor hacked the operator contract of the blockchain and produced 1<strong> billion HLG tokens valued at $14.4 million,<\/strong> the native token (HLG) of the Blockchain Tokenizing Platform plummeted to as high as 79.4%. Confirmed by Holograph&#8217;s X account on June 14, the hack took advantage of a smart contract vulnerability and had major effects on the market.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/holograph-plummets-79-4-following-hack\/#Bad_Actor_Uses_Vulnerability_in_Smart_Contract\" title=\"Bad Actor Uses Vulnerability in Smart Contract\">Bad Actor Uses Vulnerability in Smart Contract<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/holograph-plummets-79-4-following-hack\/#Efforts_of_Holograph_to_Investigate_and_Control_Damage\" title=\"Efforts of Holograph to Investigate and Control Damage\">Efforts of Holograph to Investigate and Control Damage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/holograph-plummets-79-4-following-hack\/#More_General_Effects_on_Industry_Trust_and_Crypto_Security\" title=\"More General Effects on Industry Trust and Crypto Security\">More General Effects on Industry Trust and Crypto Security<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Bad_Actor_Uses_Vulnerability_in_Smart_Contract\"><\/span>Bad Actor Uses Vulnerability in Smart Contract<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p>Etherscan reports that the hacker minted one billion <strong>HLG<\/strong> tokens across nine transactions; the first mint took place on June 13 at 9:47 a.m. UTC. The hacker shipped seven of these in one hundred million batches. Within ten minutes, HLG&#8217;s price started to collapse from $0.014 to a local low of $0.0029 over nine hours. According to CoinGecko, HLG&#8217;s market value dropped dramatically from about $22 million to $4.8 million in the same period. HLG has subsequently recovered somewhat to $0.008.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Efforts_of_Holograph_to_Investigate_and_Control_Damage\"><\/span>Efforts of Holograph to Investigate and Control Damage<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to <strong>Holograph<\/strong>, it fixed the first hack and is now working with bitcoin exchange partners to freeze the malevolent actor&#8217;s accounts. The platform is also contacting law enforcement to handle the matter and starting its own probe.<\/p>\n<p><a href=\"https:\/\/coinengineer.net\/blog\/solana-based-memecoin-beercoin-crashes-over-70-in-single-transaction\/\"><em><span style=\"font-weight: 400;\">This Might Interest You: Solana-Based Memecoin Beercoin Crashes Over 70% in Single Transaction!<br \/>\n<\/span><\/em><\/a><\/p>\n<p>Venture financing company CMT Digital&#8217;s cryptocurrency researcher Matt Casto speculated that the hacker might have been a &#8220;rogue developer,&#8221; funding Holograph&#8217;s operator contract address 26 days before the attack.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"More_General_Effects_on_Industry_Trust_and_Crypto_Security\"><\/span>More General Effects on Industry Trust and Crypto Security<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Based on the Omnichain ecosystem, Holograph lets tokens flow between blockchains using the same contract address, therefore allowing asset issuers to index cross-chain data. Renowned companies like Animoca Brands and Mechanism Capital have provided venture capital to the platform.<\/p>\n<p>This event emphasizes the continuous security issues in the bitcoin sector. Based on a new Crystal Intelligence analysis, since the first industry hack surfaced in June 2011, around $19 billion in cryptocurrencies have been pilfers. The Holograph attack emphasizes how security policies must always be improved if we want to safeguard digital assets and maintain investor confidence.<\/p>\n<p><a href=\"https:\/\/t.me\/coinengineernews\"><em><span style=\"font-weight: 400;\">Click here to get the latest news from Coin Engineer!<\/span><\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>After a malicious actor hacked the operator contract of the blockchain and produced 1 billion HLG tokens valued at $14.4 million, the native token (HLG) of the Blockchain Tokenizing Platform plummeted to as high as 79.4%. Confirmed by Holograph&#8217;s X account on June 14, the hack took advantage of a smart contract vulnerability and had<\/p>\n","protected":false},"author":6,"featured_media":22808,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,1],"tags":[6835,6836],"class_list":["post-22807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-genel","tag-holograph","tag-holograph-hack"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Holograph Token Plummets 79.4% Following $14.4 Million Hack - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/holograph-plummets-79-4-following-hack\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Holograph Token Plummets 79.4% Following $14.4 Million Hack - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"After a malicious actor hacked the operator contract of the blockchain and produced 1 billion HLG tokens valued at $14.4 million, the native token (HLG) of the Blockchain Tokenizing Platform plummeted to as high as 79.4%. 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